5 Options for Student Loan Forgiveness in Oklahoma

As of the 2019-2020 academic year, 50% of Oklahoma graduates had student debt with an average total of $27,876, according to The Institute for College Access and Success (TICAS). For private student loan debt, that number jumps to $31,331.

That figure might be more if you went to a private school, paid out-of-state tuition, or got an advanced degree such as a master’s degree or doctoral degree. Higher education for Oklahoma graduates can come at a hefty cost. Regardless of how much you owe, there are options for student loan forgiveness in Oklahoma that can help.

5 Options for student loan forgiveness in Oklahoma

If you live in Oklahoma and have student loan debt, you might qualify for student loan forgiveness in Oklahoma, depending on your profession and other eligibility factors. Here are the top five options for student loan forgiveness in Oklahoma.

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1. Physician Assistant Loan Repayment Program

If you’re a physician assistant in Oklahoma, you might qualify for the Physician Assistant Loan Repayment Program. This opportunity was established by the Physician Manpower Training Commission which is a part of the State of Oklahoma.

An important caveat — you must commit to building a practice in a commission-approved area of Oklahoma. This program is designed to support Medicare and Medicaid recipients who might live in traditionally underserved areas.

Eligibility requirements:

• Have a medical license in Oklahoma.
• Have qualifying medical education loans.
• Work as a physician assistant.
• Have no conflicts of interest or other service obligations.
• Not working in a rural area already.

Forgiveness amount:

• Up to $60,000 total after three years of service.

Service requirements:

• Year to year, while working at an approved facility for a maximum of three years.

2. Physician Loan Repayment Program

Another similar program offered by the Oklahoma Physician Manpower Training Commission is the Physician Loan Repayment Program.

This program is geared toward primary care physicians who are willing to create a new practice in an underserved, rural community. The area must be approved by the commission and provide services ideally to Medicaid and Medicare recipients.

Eligibility requirements:

• Have a medical license in Oklahoma.
• Have qualified medical education loans.
• Work as a primary care physician.
• No other service obligation.
• Not working in a rural area already.

Forgiveness amount:

• Up to $200,000 for four years total ($50,000 each year).

Service requirements:

• Yearly obligation, with payments made as a lump sum at the end of each service year.

3. Physician / Community Match Program

The state of Oklahoma and the Oklahoma Physician Manpower Training Commission partners with local communities to provide a matching funds program to entice physicians to create a practice in rural areas.

It offers a 60%-40% match which is provided in the form of a loan. Upon successful completion of your service commitment, the loan amount is forgiven.

Eligibility requirements:

• Work in a rural community that participates in the match program.
• Has not previously received funding through the commission.
• Applicants must have graduated and be licensed.
• Working at a practice or willing to set up a practice in an approved area.
• Not working in a rural area already.
• J-1 visa applicants aren’t eligible.

Forgiveness amount:

• $30,000 to $50,000.

Service requirements:

• Two years for each $30,000 award or three years for each $50,000 award.

4. Oklahoma Dental Loan Repayment Program (ODLRP)

The Oklahoma Dental Loan Repayment Program (ODLRP) is designed to get new dentists to work in traditionally underserved shortage areas and/or cater to Medicaid recipients. Dentists who’ve graduated in the past five years, and have a valid Oklahoma dental license, are eligible for this program.

Eligibility requirements:

• Have dental school loans (University of Oklahoma College of Dentistry school candidates will be given preference).
• Graduated within the previous five years.
• Have an active dental license in Oklahoma.
• Illustrate financial need.
• Already have a practice or commit to creating a practice in an eligible shortage area.
• Meet Oklahoma Health Care Authority requirements.
• 30% of patients must be on Medicaid.
• Must have a full-time practice (at least 32 hours).

Forgiveness amount:

• $25,000 per year.

Service requirements:

• Serve up to five years.

5. John R. Justice (JRJ) Loan Repayment Program

If you’re a prosecutor or public defender in Oklahoma, you might qualify for the John R. Justice (JRJ) Loan Repayment Program. The program offers up to $10,000 in student loan repayment assistance.

Eligibility requirements:

• Must work full-time practicing law as part of the state or local Oklahoma government.
• Must have federal Stafford Loans, graduate PLUS Loans, federal consolidation loans, or Perkins Loans.

Forgiveness amount:

• Up to $10,000.

Service requirements:

• Year to year, up to three years.

Other federal student loan forgiveness options in Oklahoma

Student loan forgiveness in Oklahoma is offered through various state-specific options. But even if you don’t qualify for the aforementioned student loan forgiveness programs, you can check out federal student loan options like Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and income-driven repayment (IDR) forgiveness.

Federal loans come from federal student aid packages and are distributed by the U.S. Department of Education.

Public Service Loan Forgiveness (PSLF)

Under this federal loan program, student loan borrowers who work in the public sector such as at government organizations or nonprofit organizations, might qualify for PSLF.

You must complete 10 years of service and repay student loans under an income-driven repayment plan. Any remaining balance is forgiven once your 10-year commitment is complete. You must apply for PSLF once you’ve met all of the program’s terms.

The best part? Payment months during the administrative payment pause count toward your PSLF payments.

Teacher loan forgiveness

If you’re a teacher who works at a qualifying employer, such as a low-income school, and serves for five years you might get up to $5,000 or $17,500 in forgiveness.

In general, the five year period doesn’t count toward PSLF; since PSLF offers more in forgiveness benefits, carefully weigh this option. However, the current PSLF waiver has temporarily eliminated this stipulation. Check out how the PSLF waiver works and how to take advantage of it.

Income-driven repayment (IDR)

If you work in the private sector and don’t qualify for the Public Service Loan Forgiveness Program or Oklahoma student loan forgiveness options, you might be eligible for forgiveness through IDR.

IDR encompasses four federal repayment plans:

1. Income-Based Repayment (IBR).
2. Income-Contingent Repayment (ICR).
3. Pay As You Earn (PAYE).
4. Revised Pay As You Earn (REPAYE).

These repayment options allow borrowers to minimize their monthly payments by limiting payment amounts to 10% to 20% of their discretionary over 20 to 25 years. If you still owe money on your student loans after that period, the rest of your remaining balance is forgiven.

The bottom line

There are a number of state and federal options for student loan forgiveness for Oklahoma borrowers. If you find you’re not eligible for the forgiveness programs discussed above, or have private student loans that don’t qualify for federal forgiveness, see if refinancing your student loans makes sense for you. You can also get additional expert advice about how to move forward with your unique repayment situation. Book a consultation with a student loan expert for customized support.